Seven Tips for FSBO (For Sale by Owner) Selling

By admin on July 19th, 2008

So you have decided to sell your house on your own. I applaud your courage and am glad that you are up to the challenge. As a motivated seller, you can move that house using the same tactics that a real estate agent would. Here are seven things that you should know if you have decided to sell your house by yourself.

1. Exposure is The Key

Advertising your home increases the traffic to your door. Don’t invest in just one way to get the word out, use all that are available to you. The first thing that people think of is advertising in the newspaper. The newspaper is a great resource, but it is only the beginning. Home buyers search for homes on the Internet, on television, in real estate magazines, and by driving through neighborhoods on a sunny Saturday afternoon. Think of the ways that you would look for a home and be sure to advertise in those ways.

2. Price Your Home For Sale

One of the biggest mistakes that sellers make is to price their houseincorrectly. Your house may be worth $250,000, but in a buyers market you may not get that much. If you paid $150,000 for it and a buyer offers to pay your asking price of $210,000, you have made a $60,000 profit. You want to get more for your house than you paid and you have done that. The alternative is to ask for the entire $250,000 and get no nibbles.

3. Use Staging to Prepare Your Home For Sale

Staging is like a magic varnish that makes a good house shine ten times brighter. Artistic professionals will make your house a showplace by rearranging furniture, adding new features, and creating eyecatching displays. Staging can be expensive but it is a plus when trying to sell your house for a good price.

4. Fix Any Major Damage of Your House

You want the house to sell on its own merits. Major repairs create negotiation points for buyers to ask for a lower price. Hire someone to fix the leaky faucets, retouch peeling paint, repair siding, and replace the cracked linoleum in the kitchen. The more you can do to prepare the house, the more likely the asking price will be received.

5. Answer The Telephone

You put a sign in your yard with your telephone number on it and people will call. Most may not leave a message so it is good to answer when they call.

6. Know The Real Estate Laws in Your Area

This is especially important concerning disclosures. Disclosing any structural damage is law. A buyer can sue you for not telling them these things.

7. Don’t Neglect The Yard

We de-clutter the house but forget the yard that people have to see before they reach the house. Trim the shrubs and cut the grass frequently.

Follow these tips and give your house every advantage in the selling arena. For sale by owner houses are marketable if you take the time to learn how to do it correctly.

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Categories: Real Estate
Tags: For Sale By Owner, FSBO

One Response to “Seven Tips for FSBO (For Sale by Owner) Selling”

Bob L on Jul 21st, 2008 at 7:59 am

Nice post. I wouldn’t completely agree with your point about the pricing. Don’t just accept an offer because you “have made a $60,000 profit”. Be sure to price according to your market/neighborhood. Be realistic and even ask the neighbors what they think you would be able to get for it. You might be surprised at the answers and the insight couldn’t hurt your chances of pricing it right.

Good luck with your FSBO.

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